474 N. Lake Shore Drive Condos in Chicago

474 N. Lake Shore Drive is a condo building located at Illinois and Lake Shore Drive by Navy Pier and Lake Point Tower. The Condos for sale at 474 N. Lake Shore Drive vary from Studios to large Three Bedroom units. 474 N. Lake Shore was originally built as apartments but converted to condos in the early 2000’s. 474 Lake Shore is located in the Streeterville neighborhood and specifically in the area of “River East” within Streeterville.

474 N. Lake Shore Drive

Condos For Sale in 474 N. Lake Shore Drive

474 N. Lake Shore Drive has a handful of different floor plans and therefore different pricing. It is important to note that due to the relatively high amount of investors and poor timing of the building’s delivery there have been a handful of short sales and foreclosures in 474 N. Lake Shore Drive.

Studios: One of my favorite floor plans in the building is actually the studio floor plan. The reason is because it is just a big wide open space that feels bigger than it actually is. Some studios have sold in foreclosure and short sale for around $140,000 to $165,000. Right now there are a couple on the market in the $189,000 range.

Convertibles:  474 Lake Shore has convertible units which are my least favorite. They feature a separate sleeping area but the living area is not very large and feels cramped even though the overall square footage is larger than the studio. The convertibles sell for around $180,000 to $200,000.

One Bedrooms: The One Bedroom units at 474 N. Lake Shore are 741 square feet. The floor plans are basic and typical of a smaller 1 Bedroom in Chicago. These sell for between $220,000 on the low end for something that is basic and not updated to just over $300,000 on the high end for an upgraded unit, best view and with parking included.

Two Bedrooms: The Two Bedroom floor plan is my second favorite plan in the building. The 2 Bedrooms are all corner units which will give you the best view. The square footage is 1250sf and the use of the space is well thought out. It is how 1250sf should be used. Plain and simple Pricing on the Two Beds will run in the $400s though a couple have sold in the high 300’s in foreclosure / short sale.

Three Bedrooms: Three Bedrooms are available on the higher floors and from my experience have been highly upgraded. Some have been a combination of units but you’re typically looking around 1600sf with a price tag in the $500s at a minimum to over $600,000 for the larger 3 Bedrooms which can run around 1900+ square feet.

 

Building Amenities for 474 N. Lake Shore Drive

474 N. Lake Shore Drive does have an expansive fitness center that actually used to be a health club that you could join. It is a large lap pool and a nice sundeck as well. 24hr Doorstaff, well appointed lobby and a few vending machines round things out at 474 Lake Shore.

My Thoughts on 474 Lake Shore Drive

From the outside, I’ll be honest, the building is an eye sore. I’m surprised that the building actually got approval to be built int he 90s. But hey, this is Chicago. The amenities of the building are great, particularly the fitness center. It is a “real fitness center” in the respect that you can give up your gym membership and be fully satisfied no matter how much you work out.

The views from the units are great. My favorite views are the West views as you get the entire city skyline and of course the Chicago River. It is a not high end building by any means but it is well updated, fairly priced and in a high profile location near Navy Pier and most importantly on Lake Shore Drive.

 

Paul Blackburn is an Illinois Licensed Realtor and Broker with @ Properties in Streeterville Chicago. For more information about 474 N. Lake Shore Drive or other buildings in the area please contact Paul at anytime via e-mail at Paul@PKBlackburn.com  For general information about buying a condo in Chicago visit www.BuyingInChicago.com

RIVER EAST CONDOS IN CHICAGO – WHAT BUILDINGS ARE IN RIVER EAST?

Where is River East in Chicago? Is River East different from Lake Shore East? What condos are available in River East? River East is located on the NORTH side of the river where the river meets Lake Shore Drive. River East is located in the Streeterville neighborhood of Chicago. The most famous part of River East is probably the River East Art Center located just west of Navy Pier off of Lake Shore Drive. This is NOT the same area as Lake Shore East. Lake Shore East is located on the SOUTH side of the river where the river meets Lake Shore Drive.

What are the condo buildings in River East? Are there townhomes by the river in River East? Here is a break down of what and where you can buy in River East!

415 E. North Water & 445 E. North Water Condos

“River View Condominiums”

River View Condominiums

There are two towers that are red and greenish in color on the north side of the river. These buildings have townhomes at the base, but I’ll address the townhomes shortly. These towers are known as 415 E. North Water and 445 E. North Water or as “River View Condominiums.” These buildings were built in 2005 and 2000. The units are quite large and are one step up in price point compared to the typical new construction in Streeterville. One Bedrooms will typically be priced around $500,000 with Two Beds ranging from around $600,000 to well over $1 Million. Three Beds will start at a Million and work on up the price ladder.

South Views in this building are the most coveted as they allow you to view not only the Lake, Navy Pier and the River but also the skyline down the river such as Wrigley Building, Tribune Tower and Trump Tower. The buildings boast a sundeck, indoor pool and terrific fitness center (all these having views of the River). 24hr Door staff is a given but probably the best feature of these buildings is the fact that you are in Streeterville but VERY quiet. The location along the river is not known well to tourists. Walking along the River Walk you get the feeling you are walking on private property which means residents can enjoy the quietness of the river walk mostly by themselves. River East also has their own security officers that patrol the area.

RIVER VIEW TOWN HOMES

Look at the photo above. Look at the base of the building. Those are 4 level townhomes connected to 415 and 445 E. North Water. These townhomes originally sold from the developer (MCL) starting from the low $1,000,000’s but larger plans for much more. Currently there is only one on the market for just under $3 Million. The best part of these homes is they enjoy river views and all have roof top decks. They are connected to River View Condominiums so you enjoy all the river view condo amenities but also have your own private entrance (and your own private garage within their garage).

The corner townhomes offer the largest square footage but these townhomes are not the typical “narrow style” that you’ll find in other areas of the city. But, do keep in mind that you still pay a full assessment to the condo association. Just because you own a townhome does not mean that you get a break on your HOA!

At the end of the day, however, these townhomes represent some of my most favorite pieces of real estate in Chicago.

EAST NORTH WATER TOWN HOMES (NORTH OF RIVER VIEW CONDOMINIUMS)

The above townhomes are located just north of “East North Water Street” and therefore north of The River View Condominiums. These townhomes are older, being built in the mid to late 1990’s. They offer private 1 car garages (some have 2 cars) and have a very cozy feeling. They are narrow and what may be expected of townhomes in urban areas. They do, however, offer a very inexpensive option for those who want to own a townhome in the city right off the lake. There is, however, 1 catch.

YOU DON’T OWN THE LAND! Guess what else, the association doesn’t either! The townhomes sit on an always extendable land lease. This means that there is an additional land lease fee in addition to the standard assessment you’ll have to pay. The land lease monthly fee varies depending on the size of the unit but will run from $600 to $800/mo in addition to the assessments which price in around $400 to $500/mo. However, with pricing typically around $650,000 to $800,000 it is still a cheap way to own a townhome in the city right off the River & Lake Shore Drive.

Do you have the option to buy the land? Yes, you do. The land will typically sell in the mid 300’s to low 400’s.

440 N. McClurg & 480 N. McClurg Court

City View Condominiums, pictured above, is located at 440 and 480 N. McClurg Court. This picture is taken from the small docking area that is behind the River East Art Center. Look at the photo. You may recognize that Dick’s Last Resort used to be located on the bottom right of the photograph (it has since been relocated to Marina Towers).

440 and 480 McClurg are the oldest condos in River East having been built in 1991. They feature studios, small 1 bedrooms, large 1 bedrooms and 2 bedrooms. The buildings are broken up into two towers which share one main entrance and fitness center. There is also a sundeck. Many of the units have not been upgraded but some have. The first floor units are mostly duplexes which offer a “townhouse feel” without the townhouse price. Studio’s can be picked up around $160,000 and One Bedrooms start around $200,000 and move up from there depending on price. Two Beds typically start in the low to mid $300’s.

The best views in these buildings, in my opinion, are the east views as you are looking directly at the water and the tree line. You almost forget you’re in the middle of the city. For those, however, that want incredible city views check out the building below.

474 N. Lake Shore Drive

474 N. Lake Shore Drive is located at Illinois & Lake Shore Drive (at the end of the River East Art Center building). This building was built in the early 90’s but converted to condos in the mid 2000s. Unfortunately it is one of the ugliest buildings in the area, at least from the exterior. I despise the exterior…I hate the exterior. But, don’t judge a book by its cover!

The best units in the building are the West facing studios (600+sf) and the West facing corner 2 Bedroom units. The city views are unbelievable and the units are affordable! Studios from the upper $100’s and Two Bedrooms from the low $400s, sometimes a bit cheaper depending if there are any foreclosures on the market. The building features an incredible fitness center and lap pool along with a nice sundeck. 24hr door staff as well and you are only steps from Navy Pier. The feeling, however, around this building is very touristy as you are moments from the lake and Navy Pier and is nowhere near as quiet as the buildings near the river.

The building also has a very high rental occupancy rate (rentals vs. owners). I’m not sure the exact percentage but I know it is higher than most other buildings in the area. The developer still owns some units in the building.

505 N. McClurg  The Parkview

505 N. McClurg

The Parkview was the last project completed by MCL Companies that helped develop the River East neighborhood. The Parkview is located at 505 N. McClurg at the corner of McClurg and East Illinois right across from Fox & Obel grocery store. The building features fantastic One Bedrooms (priced from the low $400’s though some foreclosures have sold for the mid to high $300s), Two Bedrooms from the mid to high $500s and Three Bedrooms from roughly $900,000.

The building has an outdoor pool and small fitness center along with a great party room. The lobby has a grand feeling but the hallways feel small as there are only a small number of units per floor. The biggest complaint about the building are the yellow/orange colored hallways and yellow colored balconies.

The floorplans all have great usable space and there is very little wasted space. While the building has seen a couple foreclosures and short sales it has held on to its values fairly well. It is one of my favorite new (newer) construction buildings in Streeterville.

PAUL BLACKBURN IS A LICENSED ILLINOIS REALTOR AND ASSOCIATE BROKER WITH @ PROPERTIES. HE CAN ALWAYS BE REACHED VIA E-MAIL AT PAUL@PKBLACKBURN.COM

Please Visit www.BuyingInChicago.Com for more information about buying in Chicago!